Reese

The facts involved are not in dispute, substantially all being stipulated and uncontroverted. On December 29, 1953, the Wayne Manufacturing Company (hereafter referred to as either “Company” or “employer”) promulgated and created a profit sharing trust (hereafter referred to as “Trust”) for the benefit of its then and future ■eligible employees. The trust instrument delegated to an administrative committee, composed of employees of the Company, the power to construe the Plan and Trust, and to determine all questions that shall arise thereunder. Plaintiffs’ deceased husband and father, Warren G. Reese, was employed by the Company at the time of the creation of the Trust. An account in his name was opened and carried on the books of the trustee. As of December 31, 1958, there stood to the credit of such account the sum of $6,564.92.

However, during his lifetime, Reese had successfully concealed from the Company that, for at least the last 12 months immediately preceding the date of his death, he had embezzled money from the Company in excess of $50,000. The Company did not learn of Reese’s dishonesty and embezzlement until after his death. As soon as it did, it entered a discharge…